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Rams sell for as low as N21,000 in major markets as sellers witness mixed turnouts   

Eid-El-Kabir celebration is here and Nigerians are already enjoying the fanfare that comes with the season. Findings from major markets visited by the Research Team show that the prices of rams dropped.

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Rams sell as low as N21,000 in major markets as sellers witness mixed turnouts

Eid-El-Kabir celebration is here and Nigerians are already enjoying the fanfare that comes with the season, ready to join their families and friends in the festivities. As Muslim ‘faithfuls’ across the globe prepare to celebrate, the acts of buying and slaughtering of rams are regarded as the sine qua non of the celebration and a form of sacrifice to Allah (S.A.W). 

Nairametrics Research, once again, visited major markets in Lagos State to obtain the prices of rams for the benefit of our esteemed readers. Findings from the major markets visited by the Research Team show that the prices of rams dropped compared to what was obtainable last year.   

Specifically, ram sellers in some of the markets visited complained of low sales despite the fact that the prices of the commodity dropped. However, traders in other markets like Island and Berger expressed satisfaction with respect to sales turnover.  

[READ: How to profit from a falling market with dollar-cost averaging]

The markets witnessing low turnouts 

Agege Markets

At the markets in Agege, the smallest size of ram is sold for N21,000 while the biggest size is sold for N250,000. According to Seriki Mustapha, a ram seller in Mongoro market, Agege, there is an extremely low turnout of buyers in the market. He attributed this to the lack of money in circulation.  

“No money this year, sales are very low, unlike last year where people came out en masse to purchase the commodity in various quantity.”  

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Mangoro Ram Market, Agege, Lagos

Mile 12 Markets

A visit to Adekunle Market in Mile 12 showed that sales turnover is equally very low despite lower prices. There, the smallest size of ram is sold for N25,000 while the biggest size is sold for N250,000. We gathered that prices of rams at Adekunle market are higher than what is obtainable at Agege. 

The Research Team interviewed a seller in the market known as “CSO”. He said, “There should have been a greater influx of people into the market from the later part of July to indicate that a celebration is in sight, but the reverse is the case as the market has been very scanty. “ 

Also, other traders interviewed in the market expressed their grievances with the current situation of sales and opined that lack of money in circulation is the main cause for the low sales. They stated that rams which were brought into Lagos two weeks ago were yet to be restocked, due to low sales. This, according to them, was not the case in previous years.  

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Adekunle Market, Owode Elede, Mile 12

The markets witnessing high turnouts 

Berger Market

Meanwhile, the ram market at Berger along Lagos-Ibadan Expressway, witnessed a good turnout, as many buyers were seen bargaining the prices of different sizes of rams and cows. The prices of rams range from N30,000 to N250,000 in the market, depending on the sizes. The prices of small rams, however, appear higher. 

Mr Babalola Abiodun, a ram dealer in the market expressed joy at the large turnout of customers in the market. He disclosed to the Research Team that they had made considerable sales this year compared to last year, and confirmed that the prices of rams have indeed reduced compared to last year.  

 Abraham Adesanya Flower House Ram Market, Ajah

We gathered that the sales of rams improved more than the previous year as buyers trooped into the market to buy rams. Basically, the smallest size of rams also sells for N30,000 while the biggest size goes for N250,000.  

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According to a major Ram Seller, who is known as Mr. Sodiq in the market, “The price of ram is cheaper compared to last year’s price.”  

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While further speaking with the Research Team, Sodiq called on the government to help in the construction of roads to facilitate easy transportation of rams and cows from the North to the West.  

Abraham Adesanya Flower House Ram Market, Ajah 

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The insights gathered: Following the data obtained from the various markets visited, at the moment, rams are cheaper in markets with low turnouts, while they are relatively higher in other markets with high patronage. In a nutshell, buyers who choose to patronise the ram markets on the Island and Berger will pay more, while Agege and Mile 12 markets sell at relatively cheaper prices. 

[READ MORE: Prices of imported rice and other items fall as Irish potatoes fluctuate]

 

Nairametrics Research team tracks, collates, maintains and manages a rich database of macro-economic and micro-economic data from Nigeria and Africa. Our analysts share some of the data collated on Nairametrics, using formats such as docs, tables and charts etc. The team also publishes research based analysis as articles on a regular basis.

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Around the World

US Capitol complex temporarily shut down

The US Capitol complex was shut down temporarily on Monday as a precautionary measure after a small fire broke out nearby.

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The US Capitol complex was shut down temporarily for about an hour on Monday as a precautionary measure after a small fire broke out nearby, highlighting the security concerns that are being raised days before the inauguration of President-elect Joe Biden.

The security concerns and the lockdown follows the January 6 attack on the US Capital by supporters of the outgoing US President, Donald Trump, after his encouragement and inciting comments, calling the Presidential election a fraud without any proof of evidence.

READ: President Trump says he won’t attend Joe Biden’s inauguration

Some of them even called for the death of the US Vice President, Mike Pence for presiding over the certification of Joe Biden’s November election victory.

While making the disclosure in a statement, the Capitol Police said that the lockdown has been lifted and the nearby fire contained.

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The Acting Chief of the Capitol Police had said that the complex which comprises of the Capitol, its grounds and several buildings were shut down as a precautionary measure.

READ: US Supreme court dismisses Texas bid to overturn presidential election results

The US Secret Service in a tweet post on its official Twitter handle said, “Out of an abundance of caution the U.S. Capitol complex was temporarily shutdown. There is no threat to the public.’’

The city’s fire department in its tweet post said that firefighters put out a fire outside near the Capitol complex.

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The fire department said, “There were no injuries. This accounts for smoke that many have seen.”

READ: Huawei accuses the United States of hacking

What you should know

  • President-elect, Joe Biden is expected to be sworn in at the US Capitol on Wednesday amid an unprecedented cordon of security, with strict physical distancing measures in place due to threats of violent attacks in Washington and the rising cases of coronavirus infections.
  • Donald Trump, who is just fresh from a historic second impeachment from the congress had said he would not attend, although his deputy, Vice President Mike Pence, had given an indication that he would attend.

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Corporate Press Releases

Kinyungu Ventures Research calls for changes to cut-and-paste VC strategy in Africa

The Paper recommends investment structures and approaches tailored to African operating conditions.

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East African venture advisory firm, Kinyungu Ventures has published a white paper Chasing Outliers: Why Context Matters for Early Stage Investing in Africa that has found that there continues to be a wide misalignment between traditional venture capital models and the African market. The team behind the report is now calling for a broadening of approaches to institutional investment on the continent. Speaking with 100 Pan-African founders, investors, and LPs across 15 African countries, the research suggests investors should prioritize investing structures and practices that reflect the realities of operating in Africa. This includes adopting more flexible investing structures with longer time horizons.

According to the paper, there are multiple mismatches between key characteristics of Silicon Valley VC and African markets, which influence how startups and funds maneuver as well as what results they expect and produce. Findings show that African markets are large, but also fragmented, and its consumers have limited purchasing power. Furthermore, consumers on the continent are difficult to acquire and retain, yet the sheer size of the African market also presents a real opportunity for profit once the environment is clearly understood. The paper’s key recommendations for funds include:

  • Adopting more focused investment strategies, such as investing in b2b companies or cross-subsidizing a portfolio with less risky, steady return assets.
  • Considering non-unicorn investing models geared at more resilient companies, with returns distributed more widely across the portfolio
  • Using flexible structures such as debt or PCVs to accommodate market-level changes, where feasible
  • Allowing a longer time horizon for returns, understanding that growth could be slow and difficult to achieve for many companies

Kinyungu Ventures catalyzes resilient businesses for local intergenerational prosperity. The East African-centric investor focuses on entrepreneurship in East Africa, startups, seed funding, debt financing, impact investing and angel investing.

Speaking on the launch of the white paper, Tony Chen, Managing Director of Kinyungu Ventures and co-publisher of the report says, “Capital in Africa is scarce and pursuing a “growth at all costs” strategy where capital pools are shallow presents huge risks for companies. We’ve also found that many great businesses don’t fit the typical VC profile, but have tremendous unfulfilled potential”.

Tayo Akinyemi, lead researcher and writer of the report added: “In our conversations with numerous investors and founders, it is clear that nuances in variables such as consumer behavior, cultural norms, and business practices impact startups significantly and being on the ground is crucial for success. While African markets aren’t always able to provide the outsized returns that Silicon Valley typically looks for in high-growth companies, a more focused strategy here could unlock real gems, as has been proven by some of the startup successes the continent has seen over the years.”

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Companies

Neimeth Pharmaceuticals to raise N5 billion in additional equity

The Board of Neimeth is set to raise N5 billion additional equity upon the approval by shareholders of the company at the AGM.

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Neimeth Pharmaceuticals
The Board of Directors of Neimeth Pharmaceuticals has revealed plans to raise N5 billion in additional equity upon approval by shareholders of the company.
The information was contained in a press release published on the NSE and signed by the Company Secretary, Mrs. Florence Onhenekwe.

The disclosure is part of the resolutions reached at the Board of Directors meeting of 15th January 2021. At the end of the meeting, it was resolved that the company would raise additional equity to the tune of N5 billion.

In line with this development, a board resolution proposing to raise equity will be presented at the Annual General Meeting of the Company scheduled to hold on 9th March 2021.

What you should know

  • The Board of the Company is yet to disclose if the additional equity would be a rights issue or a private placement, as the details of the additional N5 billion equity set to be raised are yet to be finalized.
  • The fund will help the company’s management to execute key strategies that will reposition the company as a leader in the healthcare industry, with the hope to deliver better returns on investment to shareholders.
  • The additional equity financing will also increase Neimeth’s outstanding shares, which will dilute earnings and impact the Company’s stock value for existing shareholders.
  • The move has the potential to trigger a sell-off of the company shares on the Nigerian Stock Exchange.

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